Meta maintains momentum in Q2 as ad revenue grows
Meta’s revenue continued to rise in the second quarter of 2023, scoring close to $32 billion (A$47.34 billion) and double-digit growth.
The social media giant recovered from a revenue slump last quarter, and the momentum carried on into the three months ended 30 June. The overall revenue increased 11% year-on-year (YoY).
The quarter has seen major product launches, including Threads and Llama 2, a large language model.
Adverting revenue ($31.49 billion or A$46.59 billion) occupied the bulk of the company’s income as digital advertising showed signs of a rebound. However, the revenue of Meta’s Reality Labs – which produces VR and AR software and hardware – continued to slide.
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Facebook’s daily active users were 2.06 billion on average for June 2023, an increase of 5% YoY. Ad impressions delivered across its Family of Apps are said to have increased by 34% YoY and the average price per ad decreased by 16% YoY.
Meta’s founder and CEO Mark Zuckerberg said: “We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I’ve seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall.”
He has sought to make Meta more efficient since the beginning of 2023, taking measures such as rounds of mass redundancies and facilities consolidation.
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In the first six months of the year, the total restructuring cost for Meta has come down to $1.92 billion (A$2.84 billion). The headcount sat at 71,469 on 30 June, a 14% drop year-on-year.
The company posted a $32-34.5 billion (A$47.34-51.04 billion) revenue guidance for Q3 2023 and a $88-91 billion (A$130-134 billion) full-year total expense.
Meta was just yesterday fined A$20 million in Australia for misleading consumers on how their private information is used.
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Darcy Song is a reporter at Mumbrella, covering media owners, adtech and social platforms. She joined in March 2022 as an editorial assistant.
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